Before you start worrying about real estate speculators, OpenDoor is launching in three markets outside of California and is only for owner-occupied homes. Co-founder Eric Wu did not specify which markets, but he said the company is more concerned with markets where there isn’t a lot of liquidity or demand.

“The Bay Area is a unique market. It’s pretty rare. If you’re an owner here, there’s a fair bit of certainty that if you list your home on a service like MLS with a real estate agent, you’ll see offers within seven days,” he said.

In contrast, Wu said the rest of the $20 trillion U.S. residential real estate market is one of the least liquid kinds of markets even though it represents such a vital kind of asset to Americans across the country. He argues this lack of liquidity ties people to debt and jobs or locations that may not benefit them anymore. Real estate transactions often take more than 90 days and homeowners often don’t have enough capital for a down payment or a mortgage, which makes home buying stressful.

Wu didn’t go into how the product will work, because it has yet to launch.

But he said, “Were trying to take the 90-day process, convert into a few clicks online and make it simple easy and fast.”

Wu used to be head of geo and social products at real estate listings platform Trulia, so he has years of experience in the space. He and Rabois are joined by two other co-founders, Ian Wong and JD Ross. Wong used to lead data science at Square and Ross oversaw product at Addepar.

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BioKeith is a senior investment partner at Khosla Ventures. His focus at the firm includes consumer Internet, education, enterprise, financial services and digital health. Since joining KV, he’s led investments in Stripe, Timeful, HealthTap and Piazza, among many others. He also started real estate startup, OpenDoor, which aims to transform the process of selling a home through technology.
Keith has …